It may not be easy to think about the end of your life, but unless you want everything you have worked hard to obtain in the hands of whomever a judge deems worthy, estate planning while you are still alive is a must. You may think that once you have created a plan, all is good to go, but there are some problems that can come up if you are not careful. Here are a few of the biggest mistakes you should make sure you avoid while you are planning your estate and even after you believe everything is done.
Putting too much faith in a DIY estate plan or will.
You can find just about any type of legal document you could want online and may even find some DIY estate planning tools. While it is true that you can create your own plans without ever stepping foot in a lawyer's office for legal assistance, taking the DIY route is rarely a good idea when it comes to estate planning. With too much room left for errors, someone could more easily come in and say after you're gone that they contest what you have drawn up on your own. Furthermore, going at estate planning solo can also mean leaving out pertinent information that would otherwise be included.
Not making changes to your estate as time goes by.
When you plan your estate, you will likely be looking at your family and heirs as a stable entity, but family changes with time. People get married and divorced, have children and even pass away long before they are expected. If you create an estate plan now which includes specific people, ten years from now your entire family setup may change. It is always best to revisit your estate plan every few years to make any adjustments necessary to reflect changes within your family or even financial structure.
Designating a trustee who is not fitting for the title.
Planning an estate will involve appointing a trustee. This person will become the sole individual responsible for overseeing that your estate is properly handled. You may have an individual in mind but not every individual will make a good fit as your estate's trustee. If appointing a specific person will cause a lot of conflict after you are gone, it may be best to appoint a third-part individual who has no relation to the family.
To learn more about estate planning, contact a law firm like Cormac McEnery.